Settling HELOC with Wells Fargo or other big bank
Date: Fri, 05/21/2010 - 13:13
Thanks,
IMO you may press them for lowering the amount of settlement but
IMO you may press them for lowering the amount of settlement but you should also try to prevent them from charging it off. You can search the board to read about other members experiences with Wells Fargo.
Quote:Originally Posted by SCIMO you may press them for lowering
Quote:
Originally Posted by SC IMO you may press them for lowering the amount of settlement but you should also try to prevent them from charging it off. You can search the board to read about other members experiences with Wells Fargo. |
When you say Charge off do you mean forgiving the difference and sending me a 1099 for it. I am not technically late on any payments so it is my understanding that it will just read debt settled for less than full balance on my credit report. Just like it will for the first mortgage.
wf would not even talk settlement with me until it charged off..
wf would not even talk settlement with me until it charged off...so it is not likely you can keep that from occurring if you want to settle.
It depends on the bank and the investor on your HELOC. Charge o
It depends on the bank and the investor on your HELOC. Charge off is not so terrible if the bank refers it to their internal collections dept or their internal collection agency. The problem is if they sell it to a 3rd party like Dyck O Neill. The 3rd party heloc collectors are nasty and totally unwilling to budge less than 50%. You can read about Dyck on the CA section of this forum. Dyck O Neill is the largest real estate collection agency. Since many helocs are 100K you are looking at having to come up with 50K! But if the collection agency you are dealing with is an in house, its much easier.
My HELOC has been charged off by WF and no contact from anyone y
My HELOC has been charged off by WF and no contact from anyone yet. It shows charged off/collection on my cr now. I will advise when I hear. There is not much info on this like I find on cc's....not sure how wf approaches these after charge off.
Quote:Originally Posted by AnonymousI have just completed a shor
Quote:
Originally Posted by Anonymous I have just completed a short sale on a proerty and have $40K left on a HELOC which is now an unsecured debt since Wells has released their lien on the property. I called and was able to get them down to 40% or 16K. Is this good or should I keep trying to get it lower. The original loan was $50K and they got $10K at closing $5K from me and $5K from the primary mortgage holder. I have heard that they were settling for 10%. The Wells rep promised me that they never settle for anything less 40% unless health or death is an issue. Thanks, |
That's pretty funny about the death or poor health statement. I don't even have a headache and they have offered 25%....but I still negotiating because I don't have the loot yet to pay them.